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Jul 27, 2018

French GDP misses forecasts as strikes hold back growth - business live | Business I French GDP misses forecasts as strikes hold back growth - business live I Business I The Guardian

French GDP misses forecasts as strikes hold back growth - business live | Business

Graeme Wearden

Good morning, and welcome to our rolling coverage of the world economy, the financial markets, the eurozone and business.
France’s economy has failed to accelerate.
New growth figures show that the eurozone’s second-largest economy only grew by 0.2% in the second quarter of 2018.
That only matches the slow performance seen in the first three months
of 2018, and is weaker than the 0.3% which economists expected.
The data highlights how Europe has lost momentum this year, after a rollicking 2017.

More details to follow...
Investors are also desperate to learn how well America’s economy performed in the last quarter.
US GDP, due at 1.30pm UK time is likely to show impressive growth, as president Trump’s tax cuts stimulate the economy.
White House economic adviser Lawrence Kudlow told the markets to
expecting a “very good” number - that could mean an annual growth rate
over 4%.

Also coming up today

Amazon has brought some calm to the markets last night by beating profit forecasts.
The e-commerce giant racked up record revenues in the quarter, and made twice as large a profit as investors expected.
On a conference call with investors, Brian Olsavsky, the company’s
chief financial officer, cited growth in Amazon’s “most profitable
areas”, particularly the cloud-computing division, Amazon Web Services
(AWS).
Olsavsky also pointed to the company’s advertising products as contributing to gross profit while “growing at a rapid clip”

That made up for Facebook’s shocking performance a day earlier, which prompted the biggest one-day loss in Wall Street history.

Financial Times
(@FinancialTimes)

More than $120bn was wiped off the value of
Facebook shares on Thursday, a drop larger than the value of corporate
giants such as General Electric or Goldman Sachs — or the entire
Argentine stock market.

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